Is it Time to Sell Bitcoin as Price Soars to 68k Expert Advises Dump It All
The Bitcoin price is seeing massive volatility, as is typical of leverage-driven price action.
BTC bounced up from $65,200 and attempted to breach the key $68k resistance. However, it saw a strong rejection from $67,800, witnessing a sharp 4.5% decline to $64,800 in a matter of minutes.
The Bitcoin price crash prompted prominent investor
CrediBULL Crypto
to call upon his followers to dump their holdings, anticipating more downside volatility in the coming days.
dump it. dump it all.
— CrediBULL Crypto (@CredibleCrypto)
October 15, 2024
However, the BTC price has bounced back again, trading just under $67k at press time.
Smart money investors have closed all their leveraged trades, opting for spot positions instead. Meanwhile, meme coin enthusiasts are buying presale tokens like
Pepe Unchained
and
Crypto All-Stars
, considering they show no correlation to BTC’s choppy price action.
Is It Time To Sell Bitcoin, Meme Coins?
The Bitcoin price is trading on a knife’s edge, with both the bulls and bears attempting to steer control.
BTC’s topsy-turvy price action saw $1 billion in leveraged positions wiped out after the New York Open.
The downside volatility was largely due to a broad-based decline in equities, with the S&P 500 and Dow Jones down by over 0.5% and the tech-heavy NASDAQ 100 in the red by 1.2%.
#Bitcoin
That’s a quick $1B+ in positions wiped out after a big move up and full retrace back down to the local lows.
Stocks sold off pretty hard after the NY open so with BTC just having moved up and sweeping the 66.5K level, there wasn’t enough bid to sustain the higher prices…
pic.twitter.com/SveYQLEn0C
— Daan Crypto Trades (@DaanCrypto)
October 15, 2024
CrediBULL Crypto’s ‘sell it all’ call isn’t surprising, considering that he never subscribed to the Uptober thesis and is bearish on the crypto market in the short term, particularly Bitcoin and meme coins like Dogwifhat.
For instance, he has opened short positions on BTC, expecting it to plummet to $46,000 before resuming its uptrend.
He also has an ongoing bet with
@br0kegenius
, which he will win if the Bitcoin price hits $61k before $71k.
However, other prominent crypto analysts aren’t as quick in echoing his bearish sentiment.
For instance,
Crypto Chase
– with nearly 170k X followers – believes that the BTC price crash was simply a weekly retest, especially considering it held the key $64.4k support level.
Similarly, Rekt Capital is impressed by Bitcoin’s resilience after the initial crash, considering it is back to trading just below the $67k mark. Notably, BTC is showing a divergence from equities, which are still in the red.
Rekt Capital believe that a weekly close above Bitcoin’s multi-month descending channel could invalidate all bearish scenarios, paving the way for new all-time highs.
#BTC
Good recovery from that initial rejection thus far
The priority for BTC is to Weekly Candle Close inside this red resistance to kickstart the breakout process and finally invalidate the upside wicking tendency at these highs (blue circles)
Still many days left until that…
https://t.co/wXePIvVZVb
pic.twitter.com/OzhhH5UcsF
— Rekt Capital (@rektcapital)
October 15, 2024
Meanwhile, meme coins remain strongly correlated with Bitcoin, essentially acting as “leveraged BTC”. Consequently, a few smart money investors are divesting into presale meme coins, owing to their lack of correlation with BTC.
PEPU, STARS In High Demand
Pepe Unchained (PEPU)
remains one of the most in-demand presale coins, having already raised nearly $20 million in its ICO.
Another massive milestone hit!
Builders ready? We’ve got something exciting coming!
pic.twitter.com/yD516Iys3G
— Pepe Unchained (@pepe_unchained)
October 14, 2024
Considering it is still in its presale, PEPU shields investors from Bitcoin’s short-term price swings.
Moreover, experts are confident that new all-time highs for BTC are imminent, which will pave the way for a meme coin supercycle. Pepe Unchained will likely be launched in the midst of this supercycle.
Leveraging its Layer-2 ecosystem, native staking protocol, and solid tokenomics, PEPU has set itself apart from ordinary tokens, winning over smart money investors. Some experts are even calling it the next 100x crypto.
Another utility-driven project –
Crypto All-Stars (STARS)
– is in high demand, nearing the $2.5 million mark in its presale.
With investors allocating an increasingly larger portion of their portfolio to meme coins, they can leverage STARS’ multi-chain staking protocol MemeVault and earn attractive passive income.
MemeVault accepts 12 meme coins including STARS. In fact, STARS stakers will earn thrice the rewards, in addition to the passive income from the presale staking platform.
Similar to PEPU, prominent investors are eyeing up to 100x returns with Crypto All-Stars.
